SMIC’s plan to buy out chip unit approved
Semiconductor Manufacturing International Corp. (SMIC), China’s largest contract chipmaker, announced on Monday that its plan to purchase the remaining 49% stake in its Beijing subsidiary, Semiconductor Manufacturing North China (Beijing) Corp., for 40.6 billion yuan ($5.9 billion) through a share issuance has been approved. The buyers include the China Integrated Circuit Industry Investment Fund, known as the “Big Fund,” as well as investment vehicles backed by the Beijing government.
